Can't Gibbo just do that anyway?
The club only owes him doesn't it?
If Gibson O'Neil write off the £115 million we're in the clear?
There's no external financing or money owed to HMRC etc. So we would just owe Gibbo and whatever football debts we have outstanding on transfers.
I'm guessing,
@indeedido will be able to offer more insight I'm sure.
You are spot on.
Gibson loves everyone to think he has covered the debt he has created. He has only covered it if he actually writes it off by converting that debt to equity. If he does that, then the club immediately has value to a potential buyer who might even pay him something for his equity, which would be fair.
The problem is that Gibson believes only he can actually run the club and that he has a life long entitlement to do so.
He is addicted to the adulation and will never want to lose the power.
He will only sell the club if he comes out financially covered, but he has made such a mess of the club nobody will take it off his hands in its current state, let alone buy it, let alone keep him involved.
We had a terrible time in 1986 until Henderson, Fordy and Moskowitz saved the club. We rose very quickly, debt free, under new ownership. That was with trivial debt in today's football world.
A number of other clubs have done this and currently sit in the PL.
Derby will pass us in the near future.
If the only person impacted is Steve Gibson, from him writing the debt to self off, then there seems some justice.
He would perhaps then ride off having ACTUALLY put the money into the club that people think he has, ACTUALLY paying for the ramifications of the mistakes of his leadership since 2006.
Don't hold your breath.
But no worries, Katie will ride into the rescue after Dad fairly shortly. Won't that be special...